Kathmandu: Finance Minister Barshman Pun emphasized that the budget for the new financial year 2023/24 is centered on the welfare of citizens. During an interaction on the budget presented at the joint meeting of the Federal Parliament on Tuesday, Minister Pun expressed confidence that the budget will inspire hope among the public, businesspersons, and entrepreneurs.

"The government aims to initiate a new phase of economic reforms with this budget, striving to develop an economy suited to our geographical context," he stated. He explained that changes in tax rates were made based on necessity and justification, with a policy to protect domestic industries and the manufacturing sector. The budget prioritizes increasing domestic production in agriculture, energy, and information technology.

Finance Secretary Madhukumar Marasini mentioned that budget resources were managed within the constraints set by the National Resource Estimation Committee and the domestic loan limit established by the National Natural Resources and Fiscal Commission. Revenue Secretary Dr. Ram Prasad Ghimire noted that the revenue policy aims to make the economic sector viable and protect domestic industries rather than simply raising more revenue.

Nepal Rastra Bank Governor Mahaprasad Adhikari highlighted that the budget aligns with the Resource Estimation Committee's limits, and the federal government may resort to internal borrowing if provincial and local levels are unable to do so.

On Tuesday, Finance Minister Pun presented an Rs 18.6 trillion budget for the upcoming fiscal year 2023/24 at the joint meeting of both houses of the federal parliament.